But all anyone really wants to know about is what company founder Rupert Murdoch will do next, now that his $80 billion bid for Time Warner has been, at least temporarily, withdrawn.

Will Murdoch go after another media giant? Will he make another bid for Time Warner? And what's next for the stock?

"I think Time Warner, for [21st Century Fox] was really the only game in town. I don't think they are going to go after CBS or Viacom," said Cowen and Company's David Seaburg. "The move here is a significant move, and it sets them up very well if they do actually go independent."

Seaburg noted that Cowen and Company has an "underperform" rating and $29 price target on the stock, having downgraded it based on the premise of the massive Time Warner deal. However, since dropping the takeover bid, Seaburg sees plenty of room to run. "From a trading perspective I really like the stock," he said. "I think the stock as an independent has a lot of room to go on the upside here, and I think it could approach the higher end of the range."

John Kosar of Asbury research said the technicals paint a strong picture for the stock for two reasons; solid support at $30.67 per share and near-term overselling—both which could set the stock up for a nice bounce in the coming months.

Kosar also pointed out on a longer-term chart that a former high of $29.41 per share in February 2000 combined with strong support could help the stock propel higher. "This looks like a great place to buy."